Bangladesh, Sept. 12 -- After years of battlefield escalation, economic pressure and diplomatic maneuvering, the Ukraine conflict may be entering a phase in which none of the major players can secure a decisive victory without paying an unacceptable price.

The latest diplomatic activity surrounding the Russia-Ukraine war raises a question that has become increasingly difficult to avoid: Have all sides finally run out of cards to play?

Russian President Vladimir Putin's meeting with US envoys Steve Witkoff and Jared Kushner at the Kremlin, followed by their journey to Kyiv for talks with Ukrainian President Volodymyr Zelensky, suggests that diplomacy may once again be moving toward the center of the conflict. An informal pause in strike...